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HP settles with former CEO Hurd

Tuesday, September 21, 2010

Hewlett-Packard said Monday that it has settled its lawsuit against Mark Hurd, the company's ousted CEO, after the tech giant claimed he breached his separation agreement by taking a job at rival Oracle.

As part of the settlement, Hurd agreed to waive his rights to more than 340,000 shares of HP stock, worth at least $15.3 million, which his separation agreement allowed him to claim as a performance reward. Hurd will get to keep the $12.2 million in cash that he received as severance.

Article sourced from http://money.cnn.com, click here to read full story.

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